Greenyard NV — Earnings Release 2011

Mar 29, 2012

Press release PinguinLutosa: trading update Q4 2011

Consolidation scope

Sales as presented below include sales of the Scana Noliko Group ('canned division') for a period of 6 months. The deep-frozen vegetable division that was acquired from the CECAB-group contributed for a period of four months to the consolidated sales. Hence the comparative figures as per 31 December 2010 did not yet include the effect of these acquisitions.

Sales

For the 12 months to 31 December 2011, PinguinLutosa recorded consolidated sales of €622.1 million, which represents an increase of 28.7% compared to the same period last year.

Evolution of sales per division is as follows:

				1 October till
Non-audited management figures in €	1 January till 31 December		Evolution	31 December
	2011	2010	%	2011
Deep-frozen vegetable division (including	286,316,587	245,146,609	+16.8%	108,837,053
4 months ex-CECAB1)
Potato division	241,000,568	238,417,090	+1.1%	57,839,674
Canned division	94,824,546	N/A	+100.0%	48,740,563
Total	622,141,701	483,563,699	+28.7%	215,417,290

In the potato division there is a sales growth of 1.1%. This is the combined effect of on the one hand the increased sales prices (+20.6%) which was applied as a reaction to the huge increase of raw material prices in the first semester of 2011 and on the other hand the planned organic decrease of volumes of 17.1%.

In the deep-frozen vegetable division there is a growth of sales (including 4 months of CECAB) of 16.8%. The impact of including 4 months of sales of the deep-frozen vegetable division of CECAB amounts to €53.1 million. Without taking into account the acquisition of the CECAB activities, there was a decline of sales of 4.9%. Had the exchange rate for the British pound remained unchanged, the deep-frozen vegetable division would have achieved 0.6% more in sales during the twelve months of 2011.

¹ The impact of including the sales of the deep-frozen vegetable division of CECAB is only applicable for 2011 since this business combination took place on September 1, 2011.

Regulated information Embargo: 27/01/2012-17:45

Financial calendar

• Announcement of annual figures 2011 (1/1/2011-31/03/2012): 19 June 2012 (17:45 hrs)
• Availability of annual report 2011: 25 July 2012 (17:45 hrs)
• Trading update Q1 2012: 25 July 2012 (17:45 hrs)
• Announcement of 2012 half year results (1/4/2012-30/09/2012): 15 November 2012 (17:45 hrs)

For additional information, please contact PinguinLutosa:

M. Hein Deprez, CEO: Mobile : + 32 (0)475/41.11.58

M. Steven D'haene, CFO: Mobile : +32 (0)476/50.99.10

• General Meeting: 21 September 2012 at 14:00 hrs at Langemark, Poelkapellestraat 71

• Trading update Q3 2012: 25 January 2013 (17:45 hrs)

PinguinLutosa in a nutshell

PinguinLutosa (www.pinguinlutosa.com) is specialized in the development, production and sales of frozen products: vegetables, fruits, potato products (fries and specialities) and ready-to-use culinary preparations. Including the takeover of the deep-frozen vegetable activities of the French CECAB group (01-09-2011) and the takeover of Scana Noliko (01-07-2011), the group has 17 production sites in five different countries (Belgium, France, United Kingdom, Poland and Hungary) and 19 subsidiaries and sales offices on five continents.

In 2010 PinguinLutosa realised €483.6 million of sales. The group is entirely dedicated to all customer segmentations: food industry, catering as well as large and medium commercial outlets and fast food. The Group maintains its own R&D centre for product and process innovation.